Apollo Tyres Q2 net profit rises over 2.5-fold to Rs 474 crore

Apollo Tyres on Tuesday reported over two-and-a-half-fold rise in consolidated net profit to Rs 474.26 crore in the September quarter, riding on higher revenue and lower raw material costs. The company said the cost of materials consumed was lower at Rs 2,634.92 crore in the second quarter of the ongoing fiscal as against Rs 3,101.56 crore in the year-ago period.

Apollo Tyres on Tuesday reported over two-and-a-half-fold rise in consolidated net profit to Rs 474.26 crore in the September quarter, riding on higher revenue and lower raw material costs. The company had posted a consolidated net profit of Rs 179.39 crore in the same period last fiscal, Apollo Tyres said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 6,279.67 crore as against Rs 5,956.05 crore in the year-ago period, it added. The company said the cost of materials consumed was lower at Rs 2,634.92 crore in the second quarter of the ongoing fiscal as against Rs 3,101.56 crore in the year-ago period. Total expenses were also lower at Rs 6,612.81 crore as against Rs 5,724.66 crore a year ago, it added. ''Our operations have experienced positive revenue growth, and we are witnessing encouraging signs, particularly from India, indicating further demand improvement in the future,'' Apollo Tyres Chairman Onkar Kanwar said. ''We remain steadfast in our commitment to achieving profitable growth, aligned with our long-term vision,'' he added.